NET Power Inc. Reports Material Definitive Agreement
Ticker: NPWR-WT · Form: 8-K · Filed: Oct 4, 2024 · CIK: 1845437
| Field | Detail |
|---|---|
| Company | Net Power Inc. (NPWR-WT) |
| Form Type | 8-K |
| Filed Date | Oct 4, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.0001, $11.50, $90 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, corporate-action
TL;DR
NET Power Inc. signed a big deal on Sept 30th, filing it Oct 4th.
AI Summary
NET Power Inc. filed an 8-K on October 4, 2024, reporting an entry into a material definitive agreement as of September 30, 2024. The company, formerly known as Rice Acquisition Corp. II, is incorporated in Delaware and headquartered in Durham, North Carolina.
Why It Matters
This filing indicates a significant new agreement for NET Power Inc., which could impact its business operations and financial standing.
Risk Assessment
Risk Level: medium — Material definitive agreements can introduce new risks or opportunities that may affect the company's future performance.
Key Players & Entities
- NET Power Inc. (company) — Registrant
- Rice Acquisition Corp. II (company) — Former company name
- September 30, 2024 (date) — Date of earliest event reported
- October 4, 2024 (date) — Date of report
- Durham, North Carolina (location) — Principal executive offices location
FAQ
What type of material definitive agreement did NET Power Inc. enter into?
The filing does not specify the nature of the material definitive agreement, only that one was entered into as of September 30, 2024.
When was NET Power Inc. formerly known as Rice Acquisition Corp. II?
The company's former name was Rice Acquisition Corp. II, with a date of name change not explicitly stated in this excerpt but implied to be prior to its current reporting.
What is NET Power Inc.'s principal executive office address?
NET Power Inc.'s principal executive offices are located at 320 Roney St., Suite 200, Durham, North Carolina 27701.
What is the SEC file number for NET Power Inc.?
The SEC file number for NET Power Inc. is 001-40503.
What is the IRS Employer Identification Number for NET Power Inc.?
The IRS Employer Identification Number for NET Power Inc. is 98-1580612.
Filing Stats: 563 words · 2 min read · ~2 pages · Grade level 12.4 · Accepted 2024-10-04 16:34:44
Key Financial Figures
- $0.0001 — stered Class A Common Stock, par value $0.0001 per share NPWR The New York Stock Excha
- $11.50 — e of Class A Common Stock at a price of $11.50 NPWR WS The New York Stock Exchange
- $90 million — ll pay Baker Hughes up to approximately $90 million for the purchase of long-lead materials
Filing Documents
- npwr-20241004.htm (8-K) — 25KB
- 0001845437-24-000058.txt ( ) — 180KB
- npwr-20241004.xsd (EX-101.SCH) — 2KB
- npwr-20241004_def.xml (EX-101.DEF) — 14KB
- npwr-20241004_lab.xml (EX-101.LAB) — 27KB
- npwr-20241004_pre.xml (EX-101.PRE) — 16KB
- npwr-20241004_htm.xml (XML) — 3KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. On September 30, 2024, Net Power, LLC, a subsidiary of Net Power Inc. (the "Company"), and Baker Hughes Energy Services LLC ("Baker Hughes") entered into Variation Agreement No. 2 Regarding Letter of Limited Notice to Proceed for the Purchase of KPEP Long Lead Time Items (the "LNTP"). Pursuant to the LNTP, the Company will pay Baker Hughes up to approximately $90 million for the purchase of long-lead materials necessary for the procurement and manufacture of the turboexpander and related key process equipment and machinery ("KPEP") for the Company's first utility-scale power plant, along with related fees and services. Payments for long-lead materials under the original letter of limited notice to proceed commenced in December 2023, which payments are included in the $90 million total referenced above. The remainder of the payments under the LNTP are expected to continue to be made through April 2026. However, the Company and Baker Hughes intend to enter into a definitive purchase agreement for the turboexpander and KPEP in 2025, which will supersede the LNTP once executed. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: October 4, 2024 NET POWER INC. By: /s/ Akash Patel Name: Akash Patel Title: Chief Financial Officer